[Alpha Biz=(Chicago) Reporter Paul Lee] Baek Bok-in (59), president of KT & G, who is set to end his term in March, has decided not to challenge his fourth consecutive term. Baek has been the head of KT & G for eight years and four months since 2015.

President Baek said on the 10th, "It is time for new leadership for KT & G's global top-tier leap and change. We hope that a competent person who will lead the future vision and further growth will be appointed as the next president."

In 1993, he joined Korea Tobacco Ginseng Corporation, the predecessor of KT & G, and became KT & G CEO in October 2015. He succeeded in serving consecutive terms in 2018 and 2021, setting the record for the longest-serving president since KT & G privatization (2002).

KT & G's board of directors, which has closed accepting candidates for the next president for outsiders, will begin to compress candidates for candidates inside and outside the company. The governance committee, which consists of five outside directors of KT & G, will select candidates for in-depth interviews (shortlist) from among applicants for the public offering, those recommended by outside (search firms) and in-house candidates and announce them at the end of this month. 

 

Afterwards, the presidential candidate recommendation committee, which is scheduled to consist of outside directors, will select one final candidate by the end of next month after in-depth interviews. The final candidate will be appointed as the next president after a shareholders' meeting in March.

 

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